Barriers to Asset Recovery : An Analysis of the Key Barriers and Recommendations for Action

Theft of public assets from developing countries is an immense problem with a staggering development impact. These thefts diverts valuable public resources from addressing the abject poverty and fragile infrastructure often present in such countries. Although the exact magnitude of the proceeds of corruption circulating in the global economy is impossible to ascertain, estimates demonstrate the severity and scale of the problem at $20 to $40 billion lost to developing countries each year. What this estimate does not capture are the societal costs of corruption and the devastating impact of such crimes on victim countries. Theft of assets by corrupt officials, often at the highest levels of government, weakens confidence in public institutions, damages the private investment climate, and divests needed funding available for core investment in such poverty alleviation measures as public health, education, and infrastructure. This study's key objective is to mobilize policy makers on the existing difficulties in stolen asset recovery actions and convince them to take action on the featured recommendations. Such action will enhance the capacity of practitioners to successfully recover stolen assets.

Bibliographic Details

Main Authors:	Stephenson, Kevin M., Gray, Larissa, Power, Ric, Brun, Jean-Pierre, Dunker, Gabriele, Panjer, Melissa
Language:	English
Published:	World Bank 2011-06-20
Subjects:	ACCOUNTABILITY, ADMINISTRATIVE COURT, ANTI-CORRUPTION, ANTI-MONEY LAUNDERING, ANTICORRUPTION, ANTICORRUPTION AGENCIES, ASSET MANAGEMENT, ASSET RECOVERY, ASYLUM, BANK SECRECY, BANKS, BARRIER, BEST PRACTICES, BILATERAL TREATIES, BRIBERY, CIVIL LAW, CIVIL SERVANTS, CIVIL SOCIETY, CIVIL SOCIETY ORGANIZATIONS, COLLECTIVE ACTION, COMMON LAW, COMMON LAW COUNTRIES, COMMON LAW JURISDICTIONS, COMMUNICATIONS TECHNOLOGY, COMPANY REGISTRIES, COMPETENT AUTHORITIES, COMPLAINT, COMPLAINTS, CONFIDENCE, CONFIDENTIALITY, CONFISCATION ORDER, CONFISCATION ORDERS, CONTINGENCY FEE, COPYRIGHT CLEARANCE, COPYRIGHT CLEARANCE CENTER, CORRUPT, CORRUPT OFFICIALS, CORRUPTION, CORRUPTION INVESTIGATION, CORRUPTION INVESTIGATIONS, CRIME, CRIMES, CRIMINAL, CRIMINAL CONDUCT, CRIMINAL MATTERS, CRIMINAL PROCEEDINGS, CRIMINALITY, CRIMINALS, CUSTOMARY LAW, DEATH PENALTY, DEPOSITOR, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPING ECONOMIES, DISCRETION, DISSIPATION OF ASSETS, DOMESTIC LAW, DOMESTIC LAWS, DUE DILIGENCE, DUE PROCESS, ECONOMIC CRIME, ECONOMIC CRISIS, EMBEZZLEMENT, ENFORCEMENT AGENCIES, EUROPEAN COMMISSION, EXCHANGE OF INFORMATION, EXTRADITIONS, FINANCIAL INSTITUTIONS, FINANCIAL INTELLIGENCE, FINANCIAL INTELLIGENCE UNIT, FINANCIAL INTELLIGENCE UNITS, FINANCIAL MARKET, FINANCIAL SUPPORT, FINANCING OF TERRORISM, FOREIGN BANK, FOREIGN BANK ACCOUNTS, FORFEITURE, FROZEN ASSETS, FULL DISCLOSURE, GLOBAL ECONOMY, GRAND CORRUPTION, HOME COUNTRY, HUMAN RIGHTS, ILL-GOTTEN WEALTH, INCOME, INITIATIVE, INTEGRITY, INTERNATIONAL CONVENTIONS, INTERNATIONAL COOPERATION, INTERNATIONAL CRIMES, INTERNATIONAL DEVELOPMENT, INTERNATIONAL INSTRUMENTS, INTERNATIONAL INVESTIGATIONS, INTERNATIONAL LAW, INTERNATIONAL MONEY LAUNDERING, INTERNATIONAL ORGANIZATIONS, INTERNATIONAL STANDARDS, INVESTIGATING MAGISTRATE, INVESTIGATING MAGISTRATES, INVESTIGATION, INVESTIGATIONS, INVESTIGATORS, INVESTMENT CLIMATE, JUDGE, JUDGEMENT, JUDGES, JUDICIAL ORDER, JUDICIAL SYSTEM, JUDICIAL SYSTEMS, JURISDICTION, JURISDICTIONS, JUSTICE, JUSTICE SYSTEMS, LAND REGISTRIES, LAW ENFORCEMENT, LAW ENFORCEMENT OFFICERS, LAWYER, LEGAL FRAMEWORK, LEGAL FRAMEWORKS, LEGAL ORIGIN, LEGAL PRACTITIONERS, LEGAL REQUIREMENTS, LEGAL SYSTEMS, LEGISLATIVE REFORM, LEGISLATIVE REFORMS, MEDIA, MINISTERS, MISMANAGEMENT, MUTUAL LEGAL ASSISTANCE, NATIONAL BANK, NEGOTIATIONS, OFFENSE, OFFENSES, OFFICEHOLDERS, ORGANIZED CRIME, PENALTIES, PENALTY, PEP, PLAINTIFF, POLICE, POLITICAL LEADERS, POVERTY ALLEVIATION, POWERS OF ATTORNEY, PRIVATE INVESTMENT, PRIVATE LAWYERS, PRIVATE SECTOR DEVELOPMENT, PROCEEDS OF CRIME, PROSECUTION, PROSECUTIONS, PROSECUTOR, PROSECUTORS, PUBLIC INTERNATIONAL LAW, PUBLIC OFFICIALS, PUBLIC POLICY, RECOVERY OF ASSETS, RED TAPE, REPATRIATION, RESTRAINT ORDER, RESTRAINT ORDERS, RULE OF LAW, SECRECY LAWS, SHAREHOLDER, STATEMENT, STATEMENTS, STATUTORY PROVISIONS, TAX, TECHNICAL ASSISTANCE, TERRORISM, THEFT, THEFTS, TITLE, TRANSPARENCY, WEAK ENFORCEMENT,
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20110713235824 https://hdl.handle.net/10986/2320
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